Borr Drilling Ltd, the Bermudian-based oilfield services company, has reported first quarter net income of $14.4 million, an increase of $21.8 million compared with a net loss of $7.4 million in the same period last year.

The increase in net income for the three months ended March 31, 2024, is primarily a result of an increase in total operating revenue and income from equity method investments, offset in part by an increase in rig operating and maintenance expenses, depreciation of non-current assets and income tax expense.

Total operating revenues were $234 million, an increase of $13.4 million or six per cent compared with the fourth quarter of 2023.

Adjusted earnings before interest, taxes, depreciation and amortisation were $116.8 million, an increase of $5.3 million or five per cent compared with the fourth quarter of 2023.

During the quarter, Borr raised $200 million of additional principal amount of debt under the 2028 senior secured notes.

Year to date, the company has been awarded 11 new contract commitments, representing 1,743 days and $318 million of potential contract revenue, including five new contract commitments signed after the end of the first quarter.

Chief executive Patrick Schorn said: "The first quarter results have been strong, driven by solid operational performance with technical utilisation coming in at 99 per cent and economic utilisation at 98.6 per cent, keeping us right on track to meet our annual plan.

“Additionally, we reiterate our full year adjusted Ebitda guidance range for 2024 of $500 to $550 million."